Global investment banking revenues plunged by 45% to $12.5bn (€8bn) in the first quarter of the year compared to the same period the year before, with income from asset-backed securities, financial sponsor clients and syndicated lending the hardest hit due to the credit crisis.

In a report published yesterday, data provider Dealogic said investment banking revenues in the three months to the end of March also fell 42% on the fourth quarter of last year as the turmoil continued unabated, forcing income across all product areas down quarter-on-quarter and year-on-year.